(MENAFN) In a strategic projection, Gazprom, Russia's foremost state-run energy company, anticipates a significant leap that could position Russia as the world's third-largest liquefied natural gas (LNG) producer. This revelation comes amidst expectations of robust growth in LNG production globally, with notable surges anticipated in the United States, Qatar, and Russia. Concurrently, Australia is projected to witness a relative decline in LNG output, paving the way for Russia's ascension in the global LNG landscape, as disclosed in a statement following a comprehensive board of directors meeting at Gazprom.
The energy giant underscores a 2 percent upswing in the volume of global LNG trade during the initial three quarters of 2023. Gazprom attributes this positive outlook to heightened production levels in key LNG-producing nations. A closer look reveals that Europe is poised to decrease LNG imports, a trend attributed to the anticipated reduction in gas consumption by the European Union due to a weakening economic and industrial potential.
Looking ahead, Gazprom outlines a long-term vision, identifying China, India, and Southeast Asian nations as the primary drivers of global LNG demand escalation. The energy giant emphasizes the critical role these regions will play in shaping the future landscape of LNG consumption.
Amidst these positive forecasts, Gazprom raises a cautionary note about challenges facing the global LNG market. The company points to a decrease in global LNG consumption driven by the underperformance in meeting supply contract obligations. Gazprom asserts that instances of non-compliance with long-term contracts by LNG suppliers and producers are prevalent, citing the adverse effects of unfair practices by energy companies in Europe and the United States on the reliability of gas supplies to consumers.
This comprehensive overview explores the multifaceted landscape of the global LNG sector, shedding light on Russia's ambitious trajectory, prevailing market dynamics, and the potential impact of geopolitical and contractual challenges on the future of LNG supplies.
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.